{"id":256209,"date":"2023-05-06T14:06:52","date_gmt":"2023-05-06T12:06:52","guid":{"rendered":"https:\/\/climatescience.press\/?p=256209"},"modified":"2023-05-06T14:06:55","modified_gmt":"2023-05-06T12:06:55","slug":"beatrices-missing-output","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=256209","title":{"rendered":"Beatrice\u2019s Missing Output"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From NOT A LOT OF PEOPLE KNOW THAT<\/a><\/p>\n\n\n\n

By Paul Homewood<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

https:\/\/find-and-update.company-information.service.gov.uk\/company\/SC350248\/filing-history<\/a><\/p>\n\n\n\n

When I looked at Beatrice\u2019s Accounts the other day, I noticed an anomaly that stuck out like a sore thumb. As I have been away cycling for a couple of days, I wanted to recheck my calculations again.<\/p>\n\n\n\n

Below is the the statement of electricity output for the last two years for which Accounts have been filed:<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Output for y\/e March 2022 was slightly down on y\/e March 2021. But when we crosscheck with the output which was declared to the Low Carbon Contracts Company (LCCC) for CfD purposes, the figure is much lower at 1533.6 GWh. In contrast the 2021 figures submitted to the LCCC were almost identical, 2142 GWh v 2147.4 GWh. There may of course be slight differences caused by lags in timing. Incidentally the figures for y\/e 2020 also reconciled closely with the LCCC.<\/p>\n\n\n\n

John Constable\u2019s data at the Renewable Energy Foundation also confirms the lower figure of 1533 GWh.<\/p>\n\n\n\n

The suspicion therefore is that some of Beatrice\u2019s output, amounting to 551.1 GWh, has not been declared to the LCCC, and sold on the open market at a profit, which should have been repaid to the LCCC. The numbers confirm this suspicion:<\/p>\n\n\n\n

The revenue for y\/e 2022 is \u00a3392.9 million, and works out at an average of \u00a3188.47\/MWh. Yet the strike price for 2021\/22 was only \u00a3164.73\/MWh. (Strike prices are indexed each year on 1st April, so should reconcile with the Annual Accounts ).<\/p>\n\n\n\n

The revenue relating to the 1533 GWh declared for CfD = \u00a3252.6 million, leaving an additional \u00a3140.3 million earned from the \u201cmissing\u201d 551 GWh. This missing chunk works out at an average of \u00a3254.58\/MWh, which was a typical average market price for much of that year.<\/p>\n\n\n\n

The Accounts, by the way, make it abundantly clear that there is no other source of revenue \u2013 it all comes from either the sale of electricity or subsidies from CfDs:<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

If that additional 551 GWh had been sold at the strike price of \u00a3164.73, Beatrice would have made about \u00a350 million profit.<\/p>\n\n\n\n

I will submit an FOI the LCCC asking them if they are aware of this discrepancy, what explanation they have for it and what they intend to do about it.<\/p>\n\n\n\n

In the meantime, if anybody has any bright ideas to explain it, let me know!<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

When I looked at Beatrice\u2019s Accounts the other day, I noticed an anomaly that stuck out like a sore thumb. As I have been away cycling for a couple of days, I wanted to recheck my calculations again.<\/p>\n","protected":false},"author":121246920,"featured_media":256216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":{"0":"post-256209","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","9":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0YAYMFVFJU4W0MJ00I1L8.jpg?fit=1657%2C1080&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-14Ep","jetpack-related-posts":[{"id":242144,"url":"https:\/\/climatescience.press\/?p=242144","url_meta":{"origin":256209,"position":0},"title":"Beatrice Has Been Paid \u00a3614 Million In Subsidies Since 2019","author":"uwe.roland.gross","date":"29\/01\/2023","format":false,"excerpt":"Beatrice as a whole, i.e. not just the Chinese share, made \u00a398 million profit last year, after depreciation and finance charges","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-1258.png?fit=1200%2C782&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-1258.png?fit=1200%2C782&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-1258.png?fit=1200%2C782&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-1258.png?fit=1200%2C782&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-1258.png?fit=1200%2C782&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":256666,"url":"https:\/\/climatescience.press\/?p=256666","url_meta":{"origin":256209,"position":1},"title":"Beatrice\u2019s Missing Output\u2013The Plot Thickens!","author":"uwe.roland.gross","date":"09\/05\/2023","format":false,"excerpt":"In short then, Beatrice has not only received \u00a333 million from constraint payments, it appears to have sold all of that output anyway. Worse still, the price they received from that sale was higher than their strike price.","rel":"","context":"In \"Beatrice\"","block_context":{"text":"Beatrice","link":"https:\/\/climatescience.press\/?tag=beatrice"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/00YAYMFVFJU4W0MJ00I1L8.jpg?fit=1200%2C782&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/00YAYMFVFJU4W0MJ00I1L8.jpg?fit=1200%2C782&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/00YAYMFVFJU4W0MJ00I1L8.jpg?fit=1200%2C782&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/00YAYMFVFJU4W0MJ00I1L8.jpg?fit=1200%2C782&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/00YAYMFVFJU4W0MJ00I1L8.jpg?fit=1200%2C782&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":351340,"url":"https:\/\/climatescience.press\/?p=351340","url_meta":{"origin":256209,"position":2},"title":"Another windfarm surpasses \u00a31 billion in subsidy\u00a0payments","author":"uwe.roland.gross","date":"16\/11\/2024","format":false,"excerpt":"The Beatrice Offshore Windfarm has become the fourth windfarm to have received more than \u00a31 billion in subsidy payments. The landmark was reached in just its seventh year of operation, suggesting that it could reach \u00a32 billion over the course of its subsidy agreement.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/11\/0YAYMFVFJU4W0MJ00I1L8.jpg?fit=1200%2C782&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/11\/0YAYMFVFJU4W0MJ00I1L8.jpg?fit=1200%2C782&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/11\/0YAYMFVFJU4W0MJ00I1L8.jpg?fit=1200%2C782&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/11\/0YAYMFVFJU4W0MJ00I1L8.jpg?fit=1200%2C782&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/11\/0YAYMFVFJU4W0MJ00I1L8.jpg?fit=1200%2C782&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":256155,"url":"https:\/\/climatescience.press\/?p=256155","url_meta":{"origin":256209,"position":3},"title":"CfD Indexation Is A Rip Off","author":"uwe.roland.gross","date":"05\/05\/2023","format":false,"excerpt":"We have been looking at indexation of CfD strike prices. So let\u2019s look at an example of how it works in practice.","rel":"","context":"In \"Contracts for Difference (CfD)\"","block_context":{"text":"Contracts for Difference (CfD)","link":"https:\/\/climatescience.press\/?tag=contracts-for-difference-cfd"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0what-is-CFD.jpg?fit=1200%2C600&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0what-is-CFD.jpg?fit=1200%2C600&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0what-is-CFD.jpg?fit=1200%2C600&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0what-is-CFD.jpg?fit=1200%2C600&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0what-is-CFD.jpg?fit=1200%2C600&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":223120,"url":"https:\/\/climatescience.press\/?p=223120","url_meta":{"origin":256209,"position":4},"title":"How windfarms charge you twice for the same electricity","author":"uwe.roland.gross","date":"10\/10\/2022","format":false,"excerpt":"But is it actually happening?","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/10\/image-460.png?fit=1200%2C632&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/10\/image-460.png?fit=1200%2C632&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/10\/image-460.png?fit=1200%2C632&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/10\/image-460.png?fit=1200%2C632&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/10\/image-460.png?fit=1200%2C632&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":248353,"url":"https:\/\/climatescience.press\/?p=248353","url_meta":{"origin":256209,"position":5},"title":"Wind & Solar: BP gets real about Net Zero illusions","author":"uwe.roland.gross","date":"18\/03\/2023","format":false,"excerpt":"Renewables were only ever attractive to the likes of BP because of all the subsidies that went with them. 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